What Happened to Those ARB Tokens?

On September 24, the Arbitrum Foundation officially declared that 69.4 million unclaimed ARB tokens from their recent airdrop have found a new home in the Treasury of the Arbitrum DAO. Talk about an unwanted gift finding its way to a holiday party!

Airdrop Over and Done With

The Foundation made it clear: the ARB tokens have officially left the building. If you forgot to claim yours, well, that’s not the Foundation’s fault, and it’s a one-way ticket to DIY self-care. Users are advised to be cautious with their assets, as the Foundation tweeted a friendly reminder: “Please be safe out there.”

What’s the Worth of This Windfall?

The 69.4 million ARB tokens are valued around $56 million, giving a sense of financial responsibility to the DAO. However, the price of ARB didn’t throw a party itself, slipping 1.6% within the last 24 hours and currently trading at a mere $0.81. Talk about playing hard to get!

Unclaimed Tokens: The ‘Not-So-Cool’ Club

This batch of unclaimed tokens makes up 0.69% of the total supply of 10 billion ARB. Sure, it might not be the biggest slice of the pie, but it’s like your grandma saving you a slice of chocolate cake – thoughtful and a tad excessive. According to Dune Analytics, an impressive 93% of eligible users successfully claimed their tokens. To the remaining 7%, here’s a virtual high-five for joining the ‘I forgot my airdrop’ club!

The Bigger Picture of Arbitrum

Launched in 2021 and cooked up by Offchain Labs, Arbitrum’s underlying purpose is to scale Ethereum like your cousin scales the karaoke machine volume at family gatherings. In March 2023, they introduced the Arbitrum DAO and the governance token, ARB, leveraging their users’ voices. With this unclaimed stash now in the DAO’s hands, it’s clear that the party is just getting started, even if some are still scratching their heads over what happened to their invites.